44ad and rule 7a
This query is : Resolved
13 April 2017
Dear Sir,
We need to file a rectified IT return of one of our client. The assessee is an automobile dealer and he likes to opt 44AD for his business income, Books need not be maintained if 44AD is opted. Similarly at the same time the assesse have income under Rule 7A—Growing and manufacturing of Rubber in India, as per Rule 7A Agricultural income = 65% Non-agricultural income or Deemed Business income = 35%
We filled the ITR 4 by showing 44AD and Rule 7A.
44AD is shown under presumptive income. and Rule 7A income shown separately under business or profession category. While validating the ITR the following error is shown
Error Message
In Computation window, you have entered 'Net Profit Before Tax as per P & L a/c' under Business / Profession head and ticked for 'Books not maintained cases' in ITR data entry window. Therefore, enter Gross receipts / Gross profit / Expenses / Net profit under Books not maintained cases in ITR data entry window.
Please advice how the error can be rectified.
Our main doubt is that whether 44AD and Rule 7A can be shown together in ITR4..If so how can it be shown in ITR4. Please advice. The above issue is related to AY 2016-2017
We need to file a rectified IT return of one of our client. The assessee is an automobile dealer and he likes to opt 44AD for his business income, Books need not be maintained if 44AD is opted. Similarly at the same time the assesse have income under Rule 7A—Growing and manufacturing of Rubber in India, as per Rule 7A Agricultural income = 65% Non-agricultural income or Deemed Business income = 35%
We filled the ITR 4 by showing 44AD and Rule 7A.
44AD is shown under presumptive income. and Rule 7A income shown separately under business or profession category. While validating the ITR the following error is shown
Error Message
In Computation window, you have entered 'Net Profit Before Tax as per P & L a/c' under Business / Profession head and ticked for 'Books not maintained cases' in ITR data entry window. Therefore, enter Gross receipts / Gross profit / Expenses / Net profit under Books not maintained cases in ITR data entry window.
Please advice how the error can be rectified.
Our main doubt is that whether 44AD and Rule 7A can be shown together in ITR4..If so how can it be shown in ITR4. Please advice. The above issue is related to AY 2016-2017
13 April 2017
Rule 7A Income has to be included under presumptive income. You can't opt for 44AD for one of the business. All business has to be combined and opted for 44AD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- ECO SUPPLY REPORTIONG IN GSTR-1
- Non issue of e way bill
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- Payment to foreign customer
- Gstr7 vs Gstr3b 2026
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
